Starman was founded in 1992 by Peeter Kern and Indrek Kuivallik.[5] Peeter Kern served as the company's CEO until his unexpected death in 2014.[6][7]

In 2013, the Swedish investment company East Capital Explorer bought 51% of Starman's shares from the company's founders.[8]

In 2015 Starman bought the Lithuanian telecommunications company Cgates, with funds from the majority shareholder East Capital Explorer,[9] but the Lithuanian branch was again separated in a later acquisition.

In March 2016, East Capital Explorer intended to sell its 63% share to American investment firm Providence Equity Partners for €81 million,[10] but Starman's minority shareholder Polaris Invest (owned by founder Indrek Kuivallik) used their pre-emptive rights to make the purchase instead.[1][11][12] In December 2016, Starman Estonia was wholly acquired by Finnish telecommunications company Elisa for €151 million; this deal did not include the Lithuanian branch.[1][2][13]